Definition of True Up Matching Contribution


True Up Matching Contribution means any Matching Contribution made to the Plan at the Sponsor’s direction for a Plan Year that when aggregated with the Regular Matching Contributions made on a Participant’s behalf for the Plan Year will provide Matching Contributions at the maximum rate specified by the Sponsor for the Plan Year taking into account the Participant’s Tax-Deferred Contributions and Compensation for the full Plan Year, other than any such contribution characterized as a Qualified Matching Contribution.


True Up Matching Contribution means the contribution of each Employer for each Contribution Period (which shall be the Plan Year, as specified in Section 1.1(i)) that when aggregated with the Regular Matching Contributions made on each eligible Participant’s behalf for all Contribution Periods ending during the Plan Year will provide each such Participant with an Employer Matching Contribution at the maximum rate specified in paragraph (a) of this Section 3.1 taking into account the Participant’s Tax Deferred Contributions and/or Taxable Employee Contributions and Compensation for the full Plan Year. For purposes of this paragraph (b) an “eligible Participant” is a Participant who is eligible for an allocation of True Up Matching Contributions for the Plan Year pursuant to the provisions of Section 7.2.

True Up Matching Contribution means any Matching Contribution made to the Plan at an Employer’s discretion for a Plan Year that when aggregated with the Regular Matching Contributions made on a Participant’s behalf for the Plan Year will provide the maximum Matching Contribution based on the match rate in effect for the Plan Year taking into account the Participant’s 401(k) Contributions and Compensation for the full Plan Year. In the event the Employer does not affirmatively elect to make a True Up Matching Contribution for any Plan Year, the Employer shall be deemed to have elected to not make a True Up Matching Contribution for such Plan Year.

Examples of True Up Matching Contribution in a sentence

Such True Up Matching Contribution shall be in the amount which, when aggregated with the Regular Matching Contributions made with respect to Contribution Periods within such Plan Year, will provide the maximum Matching Contribution designated by the Employer for the Plan Year with respect to the Eligible Employee’s Tax-Deferred Contributions for the full Plan Year.
In addition, at the end of each Plan Year, an Employer shall make a True Up Matching Contribution on behalf of each of its Eligible Employees who during such Plan Year has met the allocation requirements for True Up Matching Contributions described in this Article.
Such True Up Matching Contribution shall be in the amount which, when aggregated with the Matching Contributions made with respect to Contribution Periods within such Plan Year, will provide the maximum Matching Contribution specified above with respect to the Eligible Employee's Tax-Deferred Contributions and Compensation for the full Plan Year.
An Employer may, in its discretion, elect to make a True Up Matching Contribution on behalf of each of its Eligible Employees during the Contribution Period who has met the allocation requirements for True Up Matching Contributions described in this Article.
Such True Up Matching Contribution shall be in the amount which, when aggregated with the Regular Matching Contributions made with respect to Contribution Periods within such Plan Year, will provide the maximum Matching Contribution designated by the Employer for the Plan Year with respect to the Eligible Employee’s 401(k) Contributions for the full Plan Year.